R ARIVANANTHAM
CHENNAI, MAY 5
Tamil Nadu Chief Minister MK Stalin handed over sanction orders for investments to the tune of Rs 9.75 crore in 8 Startups through Tamil Nadu Startup and Innovation Mission (StartupTN) in the second batch under the Tamil Nadu SC/ST Startup Fund, on Friday. The investment beneficiaries included three Startups promoted by entrepreneurs from the tribal communities in Hasanoor and Tamarakarai in Erode district and Kotagiri in the Nilgiris.
The Hon’ble Chief Minister of Tamil Nadu Thiru. M. K. Stalin handed over cheques for the first tranche of Rs.1.25 Crore as grant to 25 Startups under the Tamil Nadu Seed Fund (TANSEED) at the Secretariat on May 5, 2023. pic.twitter.com/47AaqIAg5y
— StartupTN (@TheStartupTN) May 5, 2023
- 25 Startups get Rs 1.25 crore TANSEED Grant
- The investment beneficiaries included three Startups promoted by entrepreneurs from the tribal communities in Hasanoor and Tamarakarai in Erode district and Kotagiri in The Nilgiris.
- In Budget 2023-24, the FM has announced Rs 50 crore fund for Tamil Nadu SC/ST Startup Fund
- These Startups will play a pivotal role in achieving Tamil Nadu’s USD 1 Trillion economy goal by 2030.
Through this investment in the form of Compulsorily Convertible Debentures (CCD) the Government has become a shareholder in these companies to guide them on the growth path.
TN SC/ST Startup Fund aimed at churning out inspirational stories that would spur the creation of more Startups by entrepreneurs from the communities in the march towards Inclusive Mass Entrepreneurship was announced as a Rs. 30 Crore fund in Budget 2022-23. In Budget 2023-24 it was announced as a Rs. 50 Crore fund.
The first batch of investees under this fund received the sanction orders from the Chief Minister for investments to the tune of Rs. 7.5 Crore in five Startups, using which the founders have started reaping the benefits by scaling up production and expanding their businesses. The second batch of investment made in Startups by founders from the SC/ST communities on Friday takes the total investment made by the Government of Tamil Nadu under the Tamil Nadu SC/ST Startup Fund to Rs 17.25 Crore in 13 Startups.
Stalin also handed over cheques for the first trance of Rs. 5 lakh each to the first batch of 25 Startups, totalling Rs.1.25 crores of Tamil Nadu Seed Fund (TANSEED) grant.
The second tranche of Rs. 5 lakh each will be handed over to them after they reach the milestones set for them. The awardees said that this grant would motivate them to scale up and soar to greater heights like their peers from the earlier editions.
This takes the total number of TANSEED beneficiaries in the State to 109, of whom the founders of 100 Startups (includes today beneficiaries) have directly received the benefit from the Chief Minister since December 2021.
TANSEED, the flagship initiative of StartupTN, was launched by the Tamil Nadu Government to support early stage Startups with a seed grant of up to Rs.10 lakh each.
These Startups will play a pivotal role in achieving Tamil Nadu’s USD 1 Trillion economy goal by 2030.
Details of the eight Startups
- Guhan Industrial and Manufacturing Solutions Pvt Ltd- Rs. 2.5 Crore
- SM Smartygen Media Networks Pvt Ltd (Shortfundly)-Rs. 2 Crore
- India Speak Research Lab Pvt Ltd-Rs. 2 Crore
- Sprint6 Specialized Services Pvt Ltd-Rs. 50 Lakh
- Destratum Solution Pvt Ltd (Health Attai)-Rs. 25 Lakh
Startups promoted by Scheduled Tribe entrepreneurs
- TAMS Tribal Green Fuel Pvt Ltd-Rs. 25 Lakh
- Namsanthai Kotagiri Tribal Pvt Ltd-Rs. 25 Lakh
- Sholakar Tribal Creations Pvt Ltd-Rs. 25 Lakh
Higher Education Minister Dr K Ponmudy, MSME Minister TM Anbarasan; Chief Secretary Dr V Irai Anbu, IAS; MSME Secretary V Arun Roy, IAS; TANSIDCO Managing Director S Madhumathi, IAS, StartupTN Mission Director and CEO Sivarajah Ramanathan, TANSIDCO General Manager A Rekha, Chairman – Indian Drug and Manufacturer Association J Jayaseelan and other higher officials were present at the event.
